AS Economics 1

2. Physical goods used to produce other goods and services (e.g., machinery, buildings).
3. A payment made by the government to support or encourage a particular economic activity.
5. A place where buyers and sellers meet to exchange goods and services.
10. A market structure where one firm controls the entire supply of a good or service.
11. A compulsory financial charge levied by the government on individuals or businesses.
12. The exchange of goods and services between people or countries.
13. The total value of all goods and services produced within a country in a year.
16. The cost of borrowing money or the return earned on savings.
17. Cost The cost of the next best alternative forgone when a decision is made.
19. The rate at which the general level of prices for goods and services rises.

1. A measure of how much demand or supply responds to price changes.
4. A situation where one product can replace another in consumption.
6. The basic economic problem caused by limited resources and unlimited wants.
7. A financial plan outlining expected income and expenditures.
8. A situation in which businesses vie for customers by offering better products or services.
9. The financial gain from business activities, calculated as revenue minus costs.
14. The desire and ability of consumers to purchase goods and services.
15. The total amount of a good or service available for purchase.
18. The income generated from the sale of goods and services.
20. The human effort used in the production of goods and services.